# Table 12: Pre-GFC vs Post-GFC Structural Break

| Variable | real_bond_10y (Pre-GFC) | real_bond_10y (Post-GFC) | inflation (Pre-GFC) | inflation (Post-GFC) |
|---|---|---|---|---|
| Z_1 | 77.503*** (18.394) | -43.859* (26.074) | -10.232 (18.013) | -1.029 (17.186) |
| Z_2 | -10.502*** (2.533) | 5.865* (3.337) | 2.432 (2.439) | -0.416 (2.268) |
| Z_3 | 0.393*** (0.098) | -0.220* (0.121) | -0.114 (0.093) | 0.031 (0.084) |
| rgdp_growth | 0.095*** (0.027) | -0.061*** (0.015) | -0.248*** (0.044) | -0.094*** (0.029) |
| inflation | -0.660*** (0.033) | -0.816*** (0.034) |  |  |
| fiscal_bal_gdp | -0.028 (0.025) | 0.054** (0.026) | 0.018 (0.041) | 0.094** (0.036) |
| kaopen | -0.827*** (0.173) | -1.574*** (0.510) | -1.690*** (0.184) | -0.965** (0.459) |
| nfa_gdp_lag | -0.528 (0.416) | -0.293 (0.367) | -0.633 (0.576) | -0.114 (0.317) |
| output_gap |  |  | 0.112** (0.056) | 0.436*** (0.050) |
|---|---|---|---|---|
| R² | -0.260 | 0.407 | 0.384 | 0.111 |
| N obs | 435 | 368 | 510 | 416 |
| N countries | 23 | 23 | 26 | 26 |
| Chow (real_bond_10y) | F=20.455 | p=0.0000 |  |  |
| Chow (inflation) |  |  | F=25.285 | p=0.0000 |